Nigeria may well be on the verge of a significant oil find in the Lake Chad area in North East based on analysis of recent Seismic 3D data generated from the Basin, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Ibe Kachikwu has said.
Dr. Kachikwu revealed this in a presentation to the Petroleum Club, Lagos, over the weekend.
The NNPC boss in the presentation titled, “Ongoing Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy,” said that the Corporation was injecting a lot of energy into the effort to ensure success in this regard.
He said, “There are signs from the latest 3D seismic studies that oil may well be very close to being found now in Lake Chad after very many years of trials. I think that this is very key. It is key both for the geographical balancing of oil production and it is also very key for the purpose of refinery placement in the north in terms of access to crude. I am optimistic that by the end of the year we should be able to announce something major on this,” the GMD said.
Dr. Kachikwu noted that in driving and developing Nigeria’s oil and gas sector, certain key areas of urgent intervention have been identified.
They are: running production acreages with transparent and profitable partnerships to bridge capacity and funding gaps; encourage investment inflow into Nigeria’s oil and gas industry; engagement with local communities and driving regulation to develop the sector income, among others.
Providing specifics on the intervention targets, Dr. Kachikwu stated that the NNPC is projecting the inflow of $20 billion in 2016 to enable the Corporation fund major projects and improve its bottom line going forward.